Qatar promises $15B investment in Turkey - presidency

LEADING ARTICLEAugust 13 2018 5:00pm The Times Tantrum in Turkey Erdogan should end his spat with the West if he wants to avert a deeper crisis

Sonar Cagaptay, director of the Turkish program at the Washington Institute, described the Qatari investment as a "big deal that could build investor confidence in Turkey, staving off potential economic collapse".

A previous appeal by Halavurt on behalf of Brunson was rejected by the court.

"Erdoğan has stated in the past that Brunson's arrest was meant to allow Ankara to trade" him for extraditing Gülen, who lives in Pennsylvania.

But the Gulf country also shares a strategic partnership with the U.S., hosting a military base that serves as one of Washington's most important overseas military bases with operations throughout the Middle East.

Brunson was moved to house arrest in July 2018.

Using different angles, the papers - include the New York Times, Wall Street Journal, and Washington Post - implied that Turkey and its President Recep Tayyip Erdogan will move closer to Russian Federation, also claiming the bilateral rift between Ankara and Washington could stall progress against the Daesh terror organization.

Earlier in the week, President Recep Tayyip Erdogan asked Turkish citizens to boycott the use of American technology like iPhones, in response to USA tariffs levied late last week.

The boycott was in retaliation for punitive sanctions from Washington, as the Turkish lira finally clawed back some ground after going into a tailspin over the tensions.

In response, Erdogan has called for a boycott of USA electrical goods.

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Turkey's trade minister Ruhsar Pekcan said: "The United States is an important trading partner but it is not our only partner. The tariffs are specific to national security", she said.

Sanders also said that tariffs on steel imports from Turkey would not be removed if US terror-linked pastor Andrew Brunson were released, but Washington would consider lifting sanctions. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter.

"Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked". "If they have the iPhone, there is Samsung elsewhere. We want to see a democratic, stable & prosperous Turkey".

Erdogan admitted the Turkish economy had problems - including a widening current account deficit and inflation of nearly 16 percent but added: "Thanks to God, our economy is functioning like clockwork". Now around 15 percent of QNB's assets and 14 percent of its loans relate to Turkey, according to Arqaam Capital.

The Turkish lira has dropped to a series of record lows in recent weeks, having fallen 37 per cent so far this year.

The lira has lost about a fifth of its value against the greenback since Friday.

Against the backdrop of these developments, British Financial Times reported that it is likely that Erdogan would turn to Qatar and request financial assistance from Doha to save the Turkish lira, nevertheless the newspaper reported that the Turkish president would eventually give in to the pressure exerted by Trump and release the priest who has been held under false pretenses.

Markets have called on Turkey to increase its interest rate to help reduce high inflation levels, but President Erdogan's aversion to interest rates has been clear, calling them "the mother of all evil". However, interest rates in the industrialized democracies are rising now.

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